Renovated Side-by-Side
For Sale
$350,000
36-38 Chester Street, Springfield, MA 01105
Fully occupied property with private basements, ample parking, and a fenced backyard.
Property Size1,710 SF
Price / SF$204.68
Days on Market11
Property Features for 36-38 Chester Street
General Information
Standard status
Active
Size
1,710 SF
Property subtype
2 Family - 2 Units Side by Side
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Amenities
private basement
fully fenced backyard
Building Details
Building Size
1,710 SF
Year Built
1987
Buildings
1
Tenancy
Multi
Listing Agency:
Cameron Real Estate Group
(617) 319-2997
Listed By:
Mila Pavo · License #452508574
(617) 319-2997
Source:
Iverty
Added: Aug 10
Changed: Aug 19
Last Checked: Aug 20 at 4:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cameron Real Estate Group
Investment Insights
Based on property information with market context.
This fully occupied duplex at 36-38 Chester Street contains two side-by-side units, each with 2 bedrooms, 1½ baths, a private basement, and ample parking. Constructed in 1987, the property includes a fenced backyard and established residential occupancy. Unit 38 received extensive improvements in 2026, including a new kitchen and appliances, refreshed bathroom vanities, luxury vinyl flooring, updated lighting, fresh paint, and partially replaced windows. Unit 36 has updated flooring on the first level. The roof was replaced in 2021. The property is situated in Springfield, near shopping, dining, and everyday amenities.
Key Highlights
- Two fully occupied side‑by‑side units at 36‑38 Chester Street
- Each unit offers 2 bedrooms, 1½ baths, and a private basement
- Unit 38 renovated in 2026 with a new kitchen, appliances, flooring, lighting, paint, and partial window replacement
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,311
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$506,220
$506.2K
Cap Rate 7%
$361,586
$361.6K
Cap Rate 9%
$281,233
$281.2K
Market Conditions
NOI Build-Up for 1,710 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.0K $22.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$36.2K $21.15/SF
− OpEx
−$10.8K −$6.34/SF
NOI
$25.3K $14.80/SF
Area
Springfield, MA
Vacancy
4.75%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$506,220
Cap Rate 7%
$361,586
Cap Rate 9%
$281,233
Alternative Uses
Best Use
Multifamily LT 5
$361.6K
$316.4K – $421.9K
NOI $25,311 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$321.7K
$281.5K – $375.3K
NOI $22,516 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$464.3K
$406.3K – $541.7K
NOI $32,504 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 01105, MA
12,051
Population
5,554
Households
2.2
Avg Household Size
33
Median Age
8%
College-Educated
64%
High-School Grad
1.2 sq mi
ZIP Area
10,043
Density / Sq Mi
$22,994
Median Household Income
$24,078
Median Earnings
$976
Median Rent
$238,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied property with private basements, ample parking, and a fenced backyard.
Where is this duplex located?
The property is located at 36-38 Chester Street Springfield, MA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two fully occupied side‑by‑side units at 36‑38 Chester Street; Each unit offers 2 bedrooms, 1½ baths, and a private basement; Unit 38 renovated in 2026 with a new kitchen, appliances, flooring, lighting, paint, and partial window replacement
